TerraWest Communities has the ability to evaluate and close on transactions quickly and efficiently. With direct funding from JEN Partners, we work side-by-side in evaluating and underwriting opportunities. We pride ourselves in adding value to our investments and having strong relationships with Builder Partners. The following are transactions that have been successfully closed by TerraWest Communities:
San Tan Heights
San Tan Heights, which included 344 finished lots, six model homes and two partially completed spec homes was purchased in July 2009 from a national bank within 30 days of a signed Letter of Intent. This asset was sold to Lennar Communities, Meritage Homes, Richmond American Homes, LGI Homes and a private investment group.
CantaMia at Estrella
Province at Estrella, re-branded as CantaMia at Estrella was acquired in October 2009. At the time this Active Adult Master Planned Community was purchased it contained 646 partially finished single-family lots, 12 model homes, a substantially completed sales pavilion and a partially constructed 28,800 square foot amenity building. TerraWest led the development of the community after the acquisition, completing construction of the first phase lots and Amenity building. Construction, marketing and sale of completed homes were handled by Joseph Carol Homes, a JEN Partners entity. In October 2010, this community was sold to a Florida Active Adult Community Builder that was expanding to the southwest.
Bridges at Gilbert
This 295-acre master planned community was acquired in March 2011. TerraWest Communities re-planned the “busted” master plan reorganizing and adjusting the product offering to meet current market conditions efficiently processing approvals from the Town of Gilbert. Utilizing our experience and relationships with Homebuilders, TerraWest sold 546 lots in August, 2012 to six homebuilders. 229 lots were sold Mertiage Homes in September, 2012. Insight Development Services, an affiliate of TerraWest Communities is developing the Community for the Homebuilders.
Eastmark 530 Acres
TerraWest managed the due diligence and acquisition of 530 acres purchased in November 2012. The Joint Venture between AV Homes, Inc. & JEN Partners has also retained TerraWest to manage the entitlement and disposition of the property. The property is currently planned to be developed into two Master Planned Communities, a 1,000 unit age restricted community and a 550 unit gated executive club community.
In 2012, TerraWest Communities and JEN Partners launched a program to provide Homebuilders with land financing opportunities. To date we have closed on 4 deals financing $10,396,953 of land acquisitions and committing to fund $8,629,137 in related lot development work.
TerraWest is currently in escrow to purchase a Master Planned Community in the Northwest Phoenix Metropolitan Area and continues to look for opportunities to leverage our expertise with our Capital Partner, JEN Partners.